{"F": {"ts_code": "603336.SH", "name": "宏辉果蔬", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "种植业", "sw3": "其他种植业", "ind": "种植业", "fin_source": "tushare", "market": "主板", "list_date": "20161124", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.14, "pe_ttm": 346.484, "pb": 3.8799, "dv_ttm": 0.1204, "total_mv": 556369.0746, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.5, 10.5, 8.5, 8.0, 9.1, 9.1], "rev_series": [9.6, 9.7, 11.3, 10.9, 10.8, 10.5], "np_series": [0.7, 0.5, 0.5, 0.2, 0.2, 0.2], "roe_series": [7.5, 4.3, 4.2, 2.1, 1.6, 1.4], "period": "20260630", "rev_ttm": 10.0, "np_ttm": 0.2, "ocf_ttm": 2.6, "fcf_ttm": 2.5, "fcf_yield": 4.5, "ocf_yield": 4.7, "gm_median": 9.1, "gm_std": 0.8, "gm_stab": 0.91, "gm_chg_2022": -4.0, "npm_median": 1.8, "roe_median": 2.1, "commodity": false, "hard_ratio": 22.3, "fix_assets": 6.6, "goodwill_ratio": 13.8, "pb_calc": 3.88, "capex_dep": 0.39, "interest_debt": 7.4, "debt_ebitda": 8.8, "debt_ratio": 36.3, "debt_mv": 13.4, "payout": 36.7, "div_years": 2, "rev_cagr3": -2.4, "np_cagr3": -27.8, "rev_yoy": -11.1, "np_yoy": -25.4, "np_vol": 19.2, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["水果", 26.0], ["冻肉", 13.0], ["药品销售", 4.0]], "ret_prev_year": 100.8, "ret_prev2_year": -16.5, "ret_ytd": 6.9, "ret_pivot": 170.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.2, "ret_60": 3.3, "ret_120": -0.3, "ret_250": -1.9, "mdd_250": -43.3, "vol_250": 48.5, "pos_52w": 70.9}, "S": {"duration": 100, "pricing": 41, "hard": 36, "bondness": 49}, "label": "中性", "tags": [], "text": {"像什么": ["PE 346.5 倍、股息率 0.1%、毛利率近 5 年中位 9.1%、固定资产占比 22%、有息负债/EBITDA 8.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 22%,毛利率近 5 年中位 9.1%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.5%(经营现金流/市值 4.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.1%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -4.0 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 22%,资本开支/折旧 0.39 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 346.5 倍 粗算,约 99%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -2%,最大回撤 -43%,年化波动 48%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -11% / 3% / -0%。", "行业对照": ["同申万二级「种植业」22 家中位:PE 71.5 / 股息率 0.6% / 毛利率 24.2% / 固定资产占比 17% / 分红率 38%。", "宏辉果蔬:PE 比行业中位高 275.0倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 15.1个百分点;固定资产占比 比行业中位高 5.5个百分点。"]}}